China Russia Photo: VCG

China-Russia trade reached 791.43 billion yuan ($114.55 billion) in the first half of 2023, marking a 50.9 percent year-on-year jump, according to official data released on Thursday by China's General Administration of Customs (GAC). Bilateral trade exceeded 145.96 billion yuan, reaching a record high since February 2022.

These strong figures come as China and Russia continue to enhance their normal economic and trade cooperation, despite attempts by the US and some of its allies to discredit and undermine China-Russia ties.

During the first six months, China's exports to Russia soared by 91.7 percent year-on-year, reaching 361.75 billion yuan. China's imports from Russia increased by 28 percent year-on-year, recording 429.68 billion yuan.

In contrast, China-US trade witnessed a decline. Bilateral trade for the first half of 2023 amounted to 2.25 trillion yuan ($314 billion), marking an 8.4 percent year-on-year decrease, according to GAC data.

Experts attribute the rapid growth in China-Russia trade during the first half of the year to several factors, including close bilateral ties, the complementarity of the two economies, and increased use of local currencies in trade transactions.

Despite sanctions imposed by the US-led West against Russia and baseless accusations targeting China's normal trade ties with Russia, China and Russia aim to increase bilateral trade to $200 billion by the end of 2023.

To achieve this goal, both sides are expanding bilateral trade activities. The 7th China-Russia Expo, held in Yekaterinburg, Russia, from Tuesday to Thursday, witnessed record participation, with over 300 Chinese enterprises taking part, according to Shu Jueting, a spokesperson for the Chinese Ministry of Commerce.

"Chinese and Russian enterprises had comprehensive communication and exchanges regarding cooperation in areas such as energy, agriculture, forestry, industry, transportation, people-to-people exchanges, and culture, and achieved positive outcomes," Shu stated during a press conference.

Regarding products, Russia has become the top export destination for Chinese cars in the first five months of the year, with an export volume of 287,000 units, as reported by the China Association of Automobile Manufacturers, citing GAC data.

Experts note that the strengthening competitiveness of Chinese-made cars has contributed to the boost in exports to Russia, aligning with the broader trend of increasing Chinese auto exports to various parts of the world.

Energy trade traditionally accounts for a significant portion of bilateral trade. To further enhance bilateral energy trade, both countries have switched to local currencies for settlement, according to media reports.

Global Times